Pensions & public finances: not just a French problem

Far from being only a French problem, pensions will be a growing fiscal headache in all the major euro-zone countries in the coming decade as populations age. In France and Italy, this will add to the risk of renewed turbulence in bond markets, and in all countries it is likely to weigh on potential growth. Rather than facing the problem head on, governments look set to water down previous pension reforms further in the near term. This would only make things worse.